Dr. Akinwumi Adesina, President of the African Development Bank (AfDB), announced that the Abidjan-Lagos highway corridor has attracted investment interest amounting to $15.5 billion. Adesina made this announcement during the 2023 Africa Investment Forum (AIF) Market Days in Marrakech, Morocco, themed “Unlocking Africa’s Value Chains.”
Adesina emphasised the transformative potential of the corridor, stating that it will play a pivotal role in shaping the entire West African region by accelerating regional integration, sustainable economic development, and trade.
“In 2022, investment interests were secured for $3.6 billion for the East Africa Railway Corridor, linking Tanzania, Democratic Republic of Congo, and Burundi. We are delighted that the AIF has so far closed on deals’ investment gaps worth $11 billion. This ranged from liquified natural gas, renewable energy, agribusiness, industrial manufacturing, creative industry, housing, and transport. It is time again for investment action; it is time to do it again,” Adesina remarked.
Adesina urged investors to consider Africa’s promising investment opportunities, dispelling misconceptions about the continent’s risk profile. He highlighted that Moody’s Analytics indicates Africa’s default rate is the lowest globally at 2.1%, compared to Eastern Europe with over 10% and Asia with over 8%. Adesina encouraged investors to “put your monies where the future is. The future is in Africa, and investors should see Africa not from what they hear but from what the facts say.”
“The total transaction value expanded from $4.65 billion in 2018 to $7.70 billion in 2022, an increase of 66 per cent. Invest in Africa and reap high risk-adjusted returns,” Adesina concluded.
King Mohammed VI of Morocco also highlighted the importance of the Morocco-Nigeria Gas Pipeline Project, emphasising its role in achieving regional economic integration and cross-border development.
The Africa Investment Forum serves as a crucial platform where bankable projects in Africa connect with investors, Heads of State, and Governments. Founded in 2018, the AIF is a multi-stakeholder initiative and a flagship platform of the AfDB and Islamic Development Bank, with partners including the European Development Bank, Afreximbank, Trade and Development Bank, Development Bank of Southern Africa, Africa Finance Cooperation, and Africa 50.